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Consider the following statements regarding Index of Industrial Production (IIP):

1. Base Year for IIP is 2017-2018.

2. It is released by the Ministry of Commerce and Industries.

3. The core industries have a combined weight of around 40% in the Index of Industrial Production (IIP).

Which of the statements given above are not correct?

  • a)
    1 and 2 only

  • b)
    2 and 3 only

  • c)
    1 and 3 only

  • d)
    1, 2 and 3

Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Consider the following statements regarding Index of Industrial Produc...
Index of Industrial Production
  • IIP is an indicator that measures the changes in the volume of production of industrial products during a given period.
  • It is compiled and published monthly by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation.
  • Hence, statement 2 is not correct.
  • Base Year for IIP is 2011-2012. Hence, statement 1 is not correct.
About Eight Core Sectors:
  • These comprise 40.27% of the weight of items included in the Index of Industrial
  • Production (IIP). Hence, statement 3 is correct.
  • The eight core sector industries in decreasing order of their weightage: Refinery
  • Products> Electricity> Steel> Coal> Crude Oil> Natural Gas> Cement> Fertilizers
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Most Upvoted Answer
Consider the following statements regarding Index of Industrial Produc...
The correct answer is option 'A': 1 and 2 only.

Explanation:
1. Base Year for IIP is 2017-2018: This statement is incorrect. The base year for the Index of Industrial Production (IIP) in India is not fixed. It is periodically revised to capture changes in the industrial structure and production patterns. The latest base year for IIP is 2011-2012.

2. It is released by the Ministry of Commerce and Industries: This statement is incorrect. The Index of Industrial Production (IIP) is released by the Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation. The CSO is responsible for collecting, compiling, and disseminating official statistical data in India.

3. The core industries have a combined weight of around 40% in the Index of Industrial Production (IIP): This statement is correct. The core industries, also known as the Eight Core Industries, have a significant weightage in the calculation of the Index of Industrial Production. These industries include coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity. They represent the key sectors of the economy and their performance has a direct impact on the overall industrial production. The combined weight of these core industries in the IIP is around 40%.

In summary, the incorrect statements are:
1. Base Year for IIP is 2017-2018.
2. It is released by the Ministry of Commerce and Industries.
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Consider the following statements regarding Index of Industrial Production (IIP):1. Base Year for IIP is 2017-2018.2. It is released by the Ministry of Commerce and Industries.3. The core industries have a combined weight of around 40% in the Index of Industrial Production(IIP).Which of the statements given above are not correct?a)1 and 2 onlyb)2 and 3 onlyc)1 and 3 onlyd)1, 2 and 3Correct answer is option 'A'. Can you explain this answer?
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